‘Great Retirement’ in U.S. Is Driven by Older Female Baby Boomers
The surge in U.S. retirements during the Covid-19 pandemic was led by older White women without a college education, according to research by the St. Louis Federal Reserve.
The so-called Great Retirement trend that saw workers leave the labor market -- whether forced or by choice -- was driven by baby boomers aged 65 and older, the regional Fed bank wrote in a recent blog post. By contrast, retirements among those aged 54 to 65 was little changed.
Overall, there were 3.3 million, or 7%, more retirees as of October 2021 than in January 2020, a number that exceeds the expected demographic shift of the large baby-boomer cohort out of the labor force.
Here are some of the other findings: